The Board of Sterlite Investment Managers Limited acting as the Investment Manager of IndiGrid approved a distribution of INR 3.00 per unit for Q4 FY18 payable entirely as interest to unitholders. For the 10 months of FY18, this has resulted in total distribution of INR 9.56 per unit beating the guidance of INR 9.20 per unit, leading to a total distribution of INR 2,702 million to its unitholders in the first year of operations.

The growth in India's electricity demand along with the growth in renewable capacity to 275 GW by 2027 will require significant investment in transmission lines for evacuation of power. The opening up of the intra-state transmission network to tariff-based competitive bidding will further add to heightened activity in this sector.

IndiGrid is on track to complete its first third party acquisition by Q1 FY19 from Techno Electric. With these recent acquisitions, the FY19 distribution guidance is INR 12.00 per unit. Commenting on the first year financial results, Mr. Pratik Agarwal, Chief Executive Officer, IndiGrid, said, "We have delivered yet another strong quarterly performance and beaten our distribution guidance. Simultaneously, we have grown our portfolio significantly and demonstrated our ability to achieve the targeted 12% portfolio IRR in the near term. In line with its growth strategy, IndiGrid is already considering the next set of asset acquisitions from both the Sponsor and third parties. The projected growth in electricity demand over the next decade will require massive power transmission infrastructure which bodes very well for IndiGrid."

Effective Rig Count up on reported rig counts EnerCom has released its latest Effective Rig Count, examining the state of drilling activity and the reported production from the major shale basins. The Effective Rig Count rose in October, reversing the past month’s decline. The Effective Rig Count is currently 2,780, up 14 from last month. This increase was entirely due[Read More…]